More than 150 U.S. software companies that raised over $51 billion during the 2020-2022 venture boom have gone four years without new funding. These companies, many once valued as unicorns, have not raised capital, been acquired, or gone public since the peak investment period. The funding drought highlights the hangover from the boom years when software startups routinely secured megarounds at rich valuations.

Among the stranded are well-known names like Carta, which raised nearly $1.2 billion but hasn't reported a new round since 2021, and OpenSea, the NFT marketplace that closed its last funding over four years ago. Calendly, which secured $350 million in 2021, has also gone silent on the fundraising front. However, some companies like Calendly, which was mostly self-funded for its first seven years, may simply be operating efficiently rather than facing financial distress.

These companies represent a mix of outcomes - some continue operating with skeleton crews, others have quietly wound down, while a few may be thriving on their peak-era capital reserves. Without public financial disclosures, it's impossible to determine which category each falls into. What's clear is that the era of easy money for software startups has ended, leaving many to navigate an uncertain path forward.